Atlantic Coast Financial
| Company type | Public |
|---|---|
| Industry | Banking |
| Founded | 1939 |
| Headquarters | Jacksonville, Florida , United States |
Area served | Northeast Florida, Central Florida, Southeast Georgia |
Key people | J.J. Dolan (Chairman), J.S. Sidhu (Vice Chairman), J.K. Stephens, Jr. (President and CEO), T.L. Keegan (Executive Vice President and CFO) |
| Products | Personal banking, business banking, commercial lending, retail banking, residential mortgage lending, wealth management |
Number of employees | 174 (2016) |
Atlantic Coast Financial Corporation functioned as a publicly listed bank holding company based in Jacksonville, Florida. Although incorporated in Maryland, it traded on the NASDAQ Stock Market under the ticker symbol (). The corporation was the sole owner of Atlantic Coast Bank, which specialized in personal banking and business banking services throughout Northeast Florida, Central Florida, and Southeast Georgia. In 2018, Atlantic Coast Bank was acquired by Ameris Bancorp.
For the fiscal year ending December 31, 2016, the company reported a net profit of US$6.4 million, with total assets amounting to US$907.5 million and shareholders’ equity of US$87.0 million. At that time, the workforce comprised 174 employees. The executive leadership team featured Chairman J.J. Dolan, Vice Chairman J.S. Sidhu, President and CEO J.K. Stephens, Jr., alongside Executive Vice President and CFO T.L. Keegan.
Atlantic Coast Financial Corporation received accolades for its corporate culture, being recognized as one of north Florida’s "Best Places to Work" by the Jacksonville Business Journal in both 2015 and 2016. Additionally, it was honored as one of Florida’s "Best Companies" by Florida Trend Magazine in July 2016.
The company’s profile underscored a regional banking strategy centered on delivering tailored services within its operational markets, guided by leadership committed to long-term sustainable growth prior to its acquisition.
Offices and branches
Atlantic Coast Bank maintained seven branch locations and one administrative office equipped with an ATM network across Northeast Florida. Branches were situated in Neptune Beach, Jacksonville Beach, southside Jacksonville, westside Jacksonville, Arlington, Julington Creek, and Orange Park. In addition, three branches operated in Southeast Georgia—two located in Waycross and one in Douglas. The bank also maintained mortgage and commercial loan production offices in various cities including Orlando, Florida, Gainesville, Florida, Tampa, Florida, Saint Petersburg, Saint Simons Island, and Savannah, Georgia. Its SBA & USDA Lending office based in Orlando provided financing for small businesses across the Southeastern United States.
Banking and financial services
As a comprehensive community bank, Atlantic Coast Bank operated through three principal business segments: Commercial Banking, Retail (Branch) Banking, and Residential Mortgage Lending. The institution offered a range of financial products such as deposit accounts, mortgage financing, automobile loans, personal loans, credit cards, commercial lending solutions including USDA and SBA loans, warehouse lending services, as well as wealth management.
History
Established in 1939 originally as Atlantic Coast Federal Credit Union in Waycross, Georgia to serve employees of the Atlantic Coast Line Railroad, the entity transitioned into a federal mutual savings bank named Atlantic Coast Federal in 2000 to broaden its customer base beyond credit union membership.
In 2003, Atlantic Coast Federal Corporation was created to acquire shares issued during the reorganization from mutual to stock ownership status. A minority stock offering followed in 2004 that sold 40% of common stock to eligible depositors and employees while the majority stake remained with Atlantic Coast Federal MHC.
The institution adopted the name Atlantic Coast Bank in 2006 to more accurately reflect its banking operations. Subsequently, it completed a mutual holding company conversion accompanied by a public offering in 2011. This resulted in Atlantic Coast Financial Corporation becoming the publicly traded parent company (NASDAQ: ACFC), holding full ownership of the bank.
A proposed acquisition by Bond Street Holdings and Florida Community Bank was declined by shareholders in 2013. Later that year, John K. Stephens Jr. assumed the role of CEO to oversee recapitalization efforts. A public stock offering raising $48.3 million gross ($44.9 million net) was conducted primarily to enhance capital adequacy ratios and support expansion of the loan portfolio while divesting underperforming assets.
Between 2014 and 2015, the company grew its residential mortgage lending division and rebuilt its commercial banking staff while refinancing over $160 million in long-term debt to lower expenses and mitigate risk exposure. These strategic initiatives restored profitability and financial stability.
In December 2016, Atlantic Coast Bank transitioned from a federally chartered savings bank to a Florida state-chartered commercial bank regulated by both the Florida Office of Financial Regulation and the FDIC.
The bank earned distinctions as one of North Florida’s "Best Places to Work" for consecutive years (2015-2016) awarded by the Jacksonville Business Journal. CEO John Stephens was recognized as an "Ultimate CEO," while the company secured a spot among Florida’s "Best Companies" according to Florida Trend Magazine’s 2016 rankings.
Community Engagement
Atlantic Coast Bank is committed to supporting a variety of organizations and programs throughout Northeast Florida, Central Florida, and Southeast Georgia. Its partnerships include:
- United Way of America
- HabiJax, the local chapter of Habitat for Humanity International based in Jacksonville, Florida
- Educational initiatives by the American Bankers Association Education Foundation, such as Get Smart About Credit Day and Teach Children to Save Day
- Kilwins Ice Cream Run, a 5K event raising funds for Clarke Schools for Hearing and Speech in Jacksonville, Florida (served as Bronze Sponsor in 2015)